Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2020 if you enrolled in Original Medicare Part A and Part B.
According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits will pay the standard monthly Part B premium of $144.60 in 2020.
You may pay less than the standard Part B premium if you meet the following conditions:
– Medicare deducts premiums from your Social Security benefits
– The cost-of-living increase in your benefit payments for 2020 will not be enough to cover the Medicare Part B increase.
People with higher incomes may pay more than the standard premium. If your 2018 federal income tax return shows a modified adjusted gross income (MAGI) above a certain amount, a higher premium will apply. You’ll pay the standard premium amount and an Income Related Monthly Adjustment Amount (IRMAA). IRMAA is an extra charge added to your premium, as shown in the following table.
The following out-of-pocket costs for Original Medicare Part A and Part B apply in 2020: